Dear All, Can anybody tell me a salary breakup (Basic + HRA + Other Allowances) of Rs. 24,000/- in which we can get more exemptions or deductions from TAX and can nil the whole tax payable without the deduction of PF? Regards
Let us have a Basic of Rs. 7000/- (for PF Exemption), HRA 40% of Basic Rs. 2800/- (Tax-free subject to conditions), Rs. 1300/- by Food Plus Card, Rs. 1250/- Medical Reimbursement, Rs. 800/- Conveyance expense (all 3 Tax-Free). The rest is Special Allowance Rs. 10,850/-.
In this case, taxable income would be Rs. 2,14,200/-, which will attract NO TDS if we avail 80C.
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